K.C. Krieger, CFA

L&B White Paper: The Executive Compensation All Stars Link to white paper: https://lnkd.in/eHpckwP3 Welltower (NYSE:WELL) and Iron Mountain (NYSE:IRM) are “All Stars” in REITs generating consistent outperformance to proxy peers. A combination of tailwinds in their core businesses and effective management likely played roles in their strong results. Given significant shareholder value creation we are confident these executives have earned their compensation.

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Nuveen Real Estate announced today the closing of a separately managed account for the California State Teachers Retirement System (CalSTRS) to invest in self-storage assets across the United States. This strategic collaboration includes an initial equity commitment of $150 million from CalSTRS, alongside equity contribution from the TIAA General Account. The strategy will focus on acquiring and developing self-storage assets, across the risk spectrum, in U.S. markets characterized by strong demographic trends, low supply forecasts, and limited institutional ownership. https://bit.ly/4ix5kGw #NuveenRealEstate #SelfStorage

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Since 2011, KKR has supported its portfolio companies in awarding equity worth billions of dollars to over 180,000 non-senior management employees across more than 75 companies. But ownership only works when it’s part of a broader culture built on trust and understanding. That’s where empathy matters. Our Empathy Gyms for portfolio company leaders help translate intent into action, building stronger connections between leaders and their teams. Together, empathy and ownership create cultures where employees are invested in their company’s success – and where businesses perform better as a result. 🎧 My colleague Pete Stavros joined the Inside the ICE House podcast to discuss. Watch the full conversation here: https://go.kkr.com/478Ih0U

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I am excited to share that Oak Hill Capital has entered into an agreement to acquire Hunter Communications in an effort to accelerate their fiber-to-the-premises (FTTP) network expansion plan in Oregon and Northern California. Hunter is Oregon’s largest privately owned fiber-optic internet provider and currently provides more than 3,000 route miles of fiber network through approximately 100,000 locations and to more than 25,000 customers. This marks our 22nd investment in broadband communications, an area that we’ve been investing in for over 30 years and one that we believe is currently seeing increased demand, particularly for the types of tier II and tier III markets Hunter targets. With this acquisition, our digital infrastructure portfolio will consist of eight FTTP platforms that are active across 35 states, passing approximately five million locations with fiber and building more than one million new locations per year. Thank you to our Oak Hill team for their work on this transaction, as well as Michael Wynschenk and the rest of the Hunter team – we look forward to working closely with you to help continue delivering essential connectivity to customers in the Pacific Northwest. Learn more about this announcement here: https://lnkd.in/etc-xChm

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Co-President John Zito challenges the outdated notion that private means risky — and explains how Apollo’s scale, flexibility, and integrated platform can position us to meet this moment and deliver across the capital structure.

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I recently joined Jonathan Brasse and the PERE community for a fireside chat on Asian private real estate, set against the backdrop of deglobalization and the growing influence of AI.   Deglobalization, in practice, is not the end of globalization. It is a shift towards regionalization. Consumer markets and manufacturing bases are separating, and supply chains are being reorganized around proximity, policy, and execution. In Asia, this reinforces a simple reality: real estate remains fundamentally local, and local understanding has become central to investment judgement.   We also discussed AI, where my perspective remains grounded. Automation is reshaping how work is done and how space is used, particularly in offices. At the same time, it brings renewed focus to fundamentals that do not change across cycles, including housing, infrastructure, education, care, and quality of life.   In an environment that feels more fragmented, clarity often comes from recognizing where connections still matter and where long-term capital can be deployed with purpose and discipline.   The full conversation explores these themes in more detail.   Appreciate the conversation with Jonathan and the PERE community. Understanding how these shifts play out on the ground remains key to knowing where to build next.   #GawCapital #PERE #RealEstateInvestment #Deglobalization #AI

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Insightful perspective from KKR on how the accelerating build-out of AI infrastructure is becoming the foundation of a generational shift in compute, productivity, and industry competitiveness. From my vantage point scaling AI-SaaS platforms and data-driven operating models, three implications stand out: 1. Scarcity wins. Power, land, permits, and enterprise contracts are the new strategic bottlenecks. Those who secure them early will build durable moats. 2. Economics over excitement. Even in a period of “AI fever,” real winners will be defined by disciplined return-on-capital models—factoring power costs, utilization, and long-term efficiency—not TAM-driven optimism. 3. Enterprise readiness is mission-critical. For business leaders and SMBs, this infrastructure wave unlocks competitive advantage only if paired with capable platforms, real use cases, and disciplined adoption. Happy to connect with others thinking about how this infrastructure layer will reshape SaaS vendors, service partners, industrial operators, and non-hyperscale enterprise buyers. https://lnkd.in/eEpDVzGr

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We’re excited to see Labyrinth Capital Partners featured prominently in Carta’s latest report on GP-led secondaries. The report, authored by Kevin Dowd, offers one of the clearest and most comprehensive looks at how GP-led transactions are evolving to meet liquidity needs in today’s private markets. It highlights the nuance, complexity, and growing importance of this segment. This perspective, along with others in the report, underscores the central role GP-led secondaries are playing in shaping liquidity solutions for investors. Well worth a read for anyone following the future of private capital markets. See the full report here: https://lnkd.in/eGrVfQPS

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Fresh perspectives on private markets: Partners Group’s new Chartbook offers great insights for today’s challenging environment, covering tariffs, the US-Europe risk balance, and the impacts of interest rates on private markets strategies. Check out the video and full analysis in the link below.

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Yale University’s Trendsetting #PrivateEquity Strategy Is Getting Harder to Pull Off. Universities and other institutions have built up large private-equity holdings, but they are now lagging behind the S&P 500 and aren’t easy to shed https://lnkd.in/eR56daFh

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AI is everywhere right now — in headlines, boardrooms, and dinner table conversations. Some call it the modern gold rush. But hype doesn’t equal value. My colleague Tim Hoyle explores where AI sits on the Gartner Hype Cycle and what it means for investors, in the latest Haverford Market Commentary: https://lnkd.in/gdFpRUuE

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Share classes continue to draw interest from ETF issuers, but there are a number of important considerations. An article by Sean Teehan at Ignites published today outlines some important considerations. https://lnkd.in/eS-tmZd2

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Portfolios using excess capital yield (ECY) have historically delivered more consistent performance than those using traditional value metrics. Why? ECY identifies high-quality companies that tend to grow and outperform long term. Read the full report: https://lnkd.in/e29mgWVE ​

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GreenAsh Partners: Seven Surprises for 2026 In the spirit of Byron Wien, each year we test our assumptions by asking what outcomes sit just outside consensus yet deserve real consideration. Here are our Seven Surprises for 2026—ranked by their capacity to provoke deeper thinking about the year ahead. 1. US interest rates (5-year) orientate toward zero — and the Trump administration floats universal basic income. A sharp disinflationary slide, combined with political incentives for fiscal stimulus, pulls intermediate rates back toward levels thought impossible eighteen months earlier. Financial markets are forced to contemplate a policy architecture last seen in the aftermath of the GFC. 2. Tesla becomes the world’s most valuable company. Autonomous vehicles and robotics inflect at the same time. Markets further price Tesla less as an automaker and more as the platform rail for physical AI. 3. Youth unemployment anxieties puncture the AI-driven euphoria in technology. The productivity narrative remains strong, but public markets reprice labour-displacement risk. Capital rotates to firms with credible human-capital transition strategies. 4. Long-term US rates rise, even as the front end falls. A structural deficit, shrinking global savings surplus, and heightened Treasury-term-premium demand push 30-year yields higher. The curve steepens for reasons few investors welcome. 5. The UK bond market becomes the best-performing in the G7. Stabilising inflation, a credible fiscal trajectory, and a surge in global demand for duration converge to deliver an outcome dismissed by most strategists only months earlier. 6. US renewables dramatically outperform fossil fuels. Cost curves, infrastructure incentives, and grid-scale storage adoption flip the narrative. The relative-value spread between clean energy and hydrocarbons moves in a way that feels reminiscent of 2019–2020—but for structural rather than speculative reasons. 7. Valuations of large language model companies collapse. Markets conclude the models have no durable moat: capital intensity remains extreme, switching costs prove low, and customers diversify away from single-model dependencies. Closing thought Surprises are not predictions. They are invitations to widen the aperture through which we view risk and opportunity. At GreenAsh Partners, we see 2026 as a year where political experimentation, technological acceleration, and capital-market realignments collide in unexpected ways.

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“I don’t think the strategies that we have employed over the past 40 years are going to work going forward.” — Marc Rowan, CEO, Apollo “One thing, though, is certain: success over the next four decades will look different than success over the last four.” — Matt Mendelsohn, CIO, Yale How will asset owners garner adequate investment results from their assets pools sufficient to grow their pool's nominal value and maintain its purchasing power? Certain widely held beliefs, that were previously inscrutable, have lost their potency in a post-ZIRP environment. New ideas and fresh perspectives are warranted. Hat tip to: Marc Rubinstein & Nicolas Colin

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Building enduring, cross-border companies means looking past hype cycles to focus on fundamentals: solving real problems, understanding local contexts, and building resilient teams, capital structures, and governance. This article shares hard-won lessons on scaling across markets while staying disciplined, adaptable, and grounded in long-term value creation. https://lnkd.in/gxDwvXNx #CrossBorderBusiness #GlobalScaling #StartupStrategy #LongTermThinking #BeyondTheHype #B2B #Leadership #Founders #GoToMarket #JapanStartups #ResilientTeams #SayamaVentures #JapaneseFounders #InternationalExpansion #ASEAN #VentureBuilding #BusinessGrowth #SaaS #Entrepreneurship #EntrepreneurAsia2026Summit Entrepreneur Media APAC

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Zacks Small Cap Research Senior Analyst Michael Kim has launched coverage on Earth Science Tech (OTC: ETST), a strategic holding company with operations spanning compounding pharmaceuticals, telehealth, real estate, and consumer products. Recent acquisitions are in the process of being activated, with multiple growth levers in play. 📈 Read the full initiation report: https://buff.ly/x6rCdWj #ETST #EarthScienceTech #SmallCapStocks #HealthcareInvesting #ZacksSCR #EquityResearch

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